Core Scientific mined $812M worth of Bitcoin in 2023

Core Scientific, North America’s largest publicly traded cryptocurrency mining firm mined 13,762 bitcoins in 2023 totaling $812 million.

Following the mining of 19,274 bitcoins with a total value of $812 million in 2023, Core Scientific transformed into the largest publicly traded cryptocurrency mining firm in North America.

Core Scientific disclosed in a post on X on January 31 that it mined 13,762 bitcoins across its data centers in the states of Georgia, Kentucky, North Carolina, North Dakota, and Texas all in the United States of America.

Additionally, the company’s customers and clients mined 5,512 BTC in 2023, making it the largest Bitcoin miner in North America. In 2023, the company have around 209,000 Bitcoin miners owned and co-located, and its data centers will have a total energized hash rate of 23.2 exahashes per second.

Core Scientific annual mining report disclosed a decrease in electricity consumption by its data centers. In December 2023, it provided local grid partners with 480 megawatt hours, and for the entire year of 2023, it provided more than 131,000 megawatt-hours to local grid partners.

In completing proof-of-work, which verifies and adds new blocks to the Bitcoin blockchain, bitcoin mining is the process of solving complex computational or mathematical problems.

This takes place as part of the mining process. Miners generate a cryptographic hash that satisfies the transaction hash criterion by utilizing hardware and software solutions as part of the mining process.

Miners receive Bitcoin as a reward for verifying and mining each block. At the moment, the payout in bitcoin for each block is 6.25 bitcoin.

As a Bitcoin mining company, Core Scientific has experienced a complete and utter roller coaster ride. When the company filed for bankruptcy under Chapter 11 in December 2022, it was amid a prolonged crypto winter that caused the price of Bitcoin to drop to new yearly lows.

In June 2023, the company filed for bankruptcy under Chapter 11 and committed to making a successful recovery the following year. Chapter 11 bankruptcy allows a company to continue functioning until all stakeholders reach a consensus on a plan for the company’s restructuring.

Exactly one year later, in December 2023, the company made public its intention to emerge from bankruptcy and relist its shares for trading on public exchanges.

The company relisted on the Nasdaq stock exchange on January 27. The rise in the price of Bitcoin over the years has resulted in the mining of Bitcoin being a viable business model for commercial enterprises.

BTC is being mined by many private and public companies, which are employing hundreds of mining machines spread across several data centers.